Yahoo to Cut 1000 Jobs

Although there was speculation last week of major job cuts at search engine Yahoo Inc., the company's chief financial officer officialy announced the cuts today, which will affect roughly 1,000 workers. This seven percent of Yahoo's 14,000 employees will be laid off as part of Yahoo's ongoing restructuring. "Our outlook contemplates a workforce realignment of approximately 1,000 people that we will be implementing in mid-February," said CFO Blake Jorgensen in a conference call with investors. Jorgensen said the company expects to record a cash charge of $20 million to $25 million during the first quarter of 2008 that is not included in the company's stated outlook.

News source: Reuters

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